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Vancouver's top real estate marketer says the city's market is in for a long-term boost because of the Olympics.
Cameron McNeill, president of MAC Marketing Solutions, says foreign investment in local properties has always been prominent in the city but may reach new heights after the Games.
"The Olympics will not do anything else but put a spotlight on the city," said McNeill, who sold more than 1,000 homes in 2009 and just reactivated a condo project, "James," at the Olympic Village. "I don't think the Olympics will change prices right after the Games, but it will in the mid- to long-term. I'm thinking the two- to five-year range."
Traditionally, investors from Asian countries have sunk a lot of money into Vancouver properties.
But McNeill says international buyers are already becoming more diverse and, he adds, it's a trend that will continue after the Olympics.
"Vancouver is an exceptionally unique city compared to other Olympic cities," he said. "Land is limited and the people who buy here also want to be here."
So what about local residents looking to buy a home?
"Prices aren't going to get lower, so people should be looking to buy in the next six to 12 months," McNeill said. "As long as people don't feel pressured to buy, they have some time to shop around and find something that suits their needs."